[0:01-0:02] The screen is filled with static.
[0:03-0:08] A strange distorted noise is heard, and over the static on screen, the words “The following are raw footage excerpts from ALex Kralie” are seen.
[0:09-0:13] A wooden drawing mannequin is shown in a shadowed screen, and stop-motion animated to move its head around and rotate at the hips.
[0:14-0:15] The screen goes blank again, with the handwritten words “EYES OPen.” The “O” has an x through it, causing it to resemble the Operator Symbol.
[0:16-0:18] The eyes of the Mask are seen, apparently against paper, with the words “Stay Home” seen through the eye holes.
[0:19-0:22] A blurred video of someone wearing the Mask can be seen, their head rocking slowly back and forth.
[0:23-0:24] A similar scene as 0:16-0:18 is displayed, but this time, the words “Be Alone” are seen in the eyeholes.
[0:24-0:26] The drawing mannequin is again seen, still stop-motion animated to its jerky motion.
[0:27-0:28] A screen covered in overlapping circles is seen.
[0:29] Someone is seen wearing the Mask, facing the camera, with their eyes rolling wildly. The video is clearer than previous scenes.
[0:30-0:31] A blank, slightly static-y screen with the words “Smile for the camera” is seen.
[0:32-0:33] A series of X’s are drawn through the overlapping circles from the earlier screen.
[0:34-0:35] A large white “erased” X is drawn through the whole screen.
[0:35-0:36] A blurred video of a person wearing the Mask is again seen. This time, it appears the person has black or dark hair.
[0:37-0:38]The drawing mannequin is seen a third time, still moving.
[0:39-0:42] the word “Regards” is seen, underlined with a flourish.
[Latter half of 0:42] The words “Smile for DeAtH” are seen.

Notes:

In the overlapping circle screen, there are 16 total circles, and the X’s are added in a different number as they go along, 1 at first, then 2, then 3, then 2, then 6, resulting in 14 Operator symbols. After that, the whole board gets the “erased” X.

Main Theories and Observations

In at least one place in the unfiction forums, it has been suggested that, granting the assumption that the masked man of entries #18, #19, and #23 is not the same as Youtube user totheark, then perhaps this video represents a sort of hostile takeover by the masked man of totheark’s channel. This may be shown in the fact that this is a slight stylistic departure from other totheark videos, featuring handwritten words rather than typed ones, and cryptic symbols rather than puzzles and codes. This is also the only totheark video to show images of the mask (with the possible exception of Entry ######, which, while posted on Jay’s channel, may in fact be a totheark video).

The last point that; this is the only totheark video with the masked man in it is no longer true, as he is shown in the extraction video. -Moooo4me

As a counter to the first theory, another theory posed on the unfiction forum is that if totheark and the masked man are different people, this video represents totheark capturing the masked man, and the footage of the masked man with his eyes rolling wildly is in panic at being captured.

This video is presented often as an anchor for the theory that Youtube user totheark is actually Alex Kralie, due to the claim at the beginning that “the following are raw footage excerpts from [him].” It should be noted, however, that just because the footage is (claimed to be) from him, it does not mean that it hasn’t transferred hands since it was made.

Another interpretation of these lines found on unfiction forums is that the claim at the beginning of “The following are raw footage excerpts from ALex Kralie,” is a means by totheark of mocking Jay, since almost exactly the same wording is used in the introduction posted by Jay.

The word "regards" is seen, which is the title of the first totheark video, perhaps implying that things are coming full circle.

“Smile for the camera” is also used, which is a quote from totheark’s messages, the response to the first time Jay encountered the Masked Man. Perhaps a theme of firsts in this video?

Comparisons made between the masks seen in this video have been used as evidence to support the theory that there may be two or more masks.

The letters capitalized in the first frame with words spell out “TALK.”

Further Speculation

That distortion, it seems to be an audio loop. It also seems to be comprised of two main tones, a C# and then an F#. ~ After

The last frame that plays is "Smile for DEATH" ~ Watson

"[0:27-0:28] A screen covered in overlapping circles is seen." during this time, could the expansion of crosses throughout the circles indicate that it could be sort of classified as contagious? With the final white cross being that TO has completely taken over? ~ og1764

Seems to me that Totheark is getting annoyed at Jay for not continuing on, due to Jay stating in #23 that he does not want to know the answers any more - this could explain the title of the video "Warning", and the description, 'failure nigh'. They seem almost desperate, like Jay is their only chance to do what they want him to do. ~ NobodyIP